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W-4 Withholding Calculator

The IRS offers a simple to use Paycheck Withholding Calculator to
help you estimate income tax withholding. This calculator below
is supplied by the Internal Revenue Service (IRS) as a simple tool
to help you calculate adjustments that should be made to your paycheck
withholding.

Use this tool to predict what the outcome will be when you calculate
your year-end tax refund total. The calculation will help you make
exemption adjustments that will correct over-payment or underpayment
paycheck withholdings so your refund is where you want it to be.

IRS Federal
Tax Withholding Calculator

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When you use the withholding calculator the purpose is to stay
on target with your year end IRS tax obligation. To accomplish this,
you need to know how many exemptions to claim with your employer
for paycheck withholding. This IRS withholding calculator will help
you get in tune with the right amount of exemptions to claim. And
it only talks a few minutes to use it.

Should I adjust My Payroll Withholding’s?

Every tax season many tax filers are surprised when they realize
that they have either over withheld or under withheld on their paycheck
withholdings. This is when they discover that they will end up owing
a bunch more in taxes, or be getting a great big refund from giving
Uncle Sam an interest free loan from over-payments.

Use
this IRS withholding calculator every year to help you determine
whether you are likely to be on target to come out even at year
end with Uncle Sam based on your current payroll withholding status.
If you don’t like the prediction you can make adjustments to your
employer W-4 form and resubmit it to your employer for a paycheck
withholding adjustment.

Making this calculation each year gives you the opportunity to
more closely match your liability with your withholdings. In the
event of a predicted surplus, you may be able to make an adjustment
that increases your take home pay. Nice! Got it? Go estimate those
W-4 withholdings now and get things balanced out!

Estimating Your Quarterly Tax Payments

Estimated tax payments are used to pay tax on income that is
not subjected to payroll withholding. This may include income from
rentals, self-employment, interest, dividends, alimony, prize and
award winnings, and capitol gains from the sale of assets. You may
also need to pay estimated tax payments if the income tax amount
that is being withheld from your salary, pension, or other income
is not sufficient enough to meet the IRS guidelines.

If you do not pay the proper amount through withholding or estimated
tax payments, the IRS may charge you with a financial penalty. You
must pay the proper amount by the due date of each payment period
or you may be charged a penalty, even if you will receive a refund
when you file your tax return.

Use
IRS Form 1040-ES, Estimated Tax for Individuals to calculate
and pay your estimated tax payments in order to meet Internal Revenue
Service guidelines.

IRS Underpayment Penalties and Interest

Don’t mess with Uncle Sam! Our tax bills are expensive enough
but if your not paying the minimum amount you could be in for a
very unpleasant financial surprise. The United States government
set up our tax
payment system as pay-as-you-go taxation, which means that you
must pay your taxes on your income as you earn or receive it during
the year. No breaks from Uncle Sam